It’s a big week for the Germany 30 as traders brace for a deluge of earnings from DAX components.

With around half the DAX earnings due this week here’s our look at a few of the major stocks reporting.

Deutsche Telekom


Shares in Deutsche Telekom have fallen around 14% in the last two months. Investors have been cooling since the group posted a net loss of €2.1bn in the fourth quarter of last year following a €2.2bn writedown on its investment in BT.

Goldman Sachs notes that Sprint-Comcast/Charter discussions have “undermined” the strategic opportunity of T-Mobile US. Nevertheless the bank says DT “offers above average growth and strategic optionality, but trading at a discount to peers”.

In 2016 TMUS added 4.1m customers with revenues rising 16% to $37bn and earnings up 29% to $9.5bn. “This boom is set to continue,” Deutsche Telekom said. HSBC agrees and pointed to “happy days” at T-Mobile US after a solid Q1 2017 performance.



On the right track? Adidas rallied firmly on Friday (July 28th) to a new all-time high of €192 as it upgraded its full-year profits for the second time this year. The sportswear brand reports first half results on Thursday (August 3rd) after recording a 20% leap in Q2 revenues to €5bn.

Operating profit increased 18% to € 505 million in the second quarter of 2017, which it said was driven by a higher gross margin as well as operating expense leverage. Net income increased 16% to € 347 million during the quarter (2016: € 301 million).

Goldman Sachs says: “We believe the pre-announcement further reflects ongoing strength of the core adidas brand globally which combined with improving cost efficiency indicates the business is beginning to reflect its pricing power in fundamentals.”  The company has one of the strongest mid-term earnings outlooks in the retail & luxury goods sector, according to the bank. Goldman raised its 12-month price target on the stock from €204 to €225.



Shares in Siemens have skidded about 13% lower in the last three months despite a strong performance in the second quarter of its financial year. The earnings beat in May failed to arrest the decline and the stock has retreated to levels last seen at the start of the year.

Earnings in the quarter rose 6% to more than €20bn, while net income also beat forecasts at €1.45bn. The earnings from the industrial businesses rose 18% and even when accounting for changes to pension accounting, was 3% ahead of forecasts.

DAX index weightings


Index weightings play a big part in why indices can trade in surprising directions. The FTSE 100 is well known for its biggest hitters being dollar earners – think British American Tobacco, Diageo and oil majors Shell and BP.

The DAX similarly features some stocks that have a much great impact on the index than others.

The biggest stocks by index weighting* are Siemens (10.46%), Bayer (8.95%), SAP (8.91%) and Allianz (7.84%). Although just 13% of the stocks listed on the index, these four companies make up more than third of the index by weighting.

DAX earnings due this week



Fresenius ST (FME) – Q2/2017, EPS estimate0.930

Fresenius SE (FRE) – Q2/2017, EPS estimate 0.820

HeidelbergCement (HEI) – Q2/2017, EPS estimate 1.893

Infineon Technologies (IFXX) – Ae/2017, EPS estimate 0.231


Commerzbank (CBK) – Q2/2017, EPS estimate 0.070

Deutsche Lufthansa (LHA) – Q2/2017, EPS estimate 1.023

Vonovia (VNA) – Q2/2017, EPS estimate 0.475


Adidas (ADS) – Q2/2017, EPS estimate 1.315

Bayerische Motoren Werke (BMW) – Q2/2017, EPS estimate 3.140

Beiersdorf (BEI) – S1/2017, EPS estimate 1.712

Deutsche Telekom (DTE) – Q2/2017, EPS estimate 0.285

Merck KGaA (MRK) – Q2/2017, EPS estimate 1.594

Siemens (SIE) – Q3/2017, EPS estimate 1.613


Allianz (ALV) – Q2/2017, EPS estimate 3.443

*Index weightings correct as of quarterly review effect March 20th 2017


or LOGIN as existing customer

Any information, analysis, opinion, commentary or research-based material on this page is for information purposes only and is not, in any circumstances, intended to be an offer of, or solicitation for, a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any person acting on it does so entirely at their own risk and ETX Capital accepts no responsibility for any adverse trading decisions. You should seek independent advice if you do not understand the associated risks.